The federal government is launching national consultations on enhancing the retirement security of Canadians, including potential actions on pension regulations and bankruptcy and insolvency laws.
Previously announced in the 2018 budget and reiterated on Wednesday in the fall economic statement, the consultation includes measures to help ensure employers maintain well-funded pension plans, better aligning corporate decision-making with pensioner and employee interests and increasing transparency and fairness in insolvency proceedings. The government is inviting the public to provide feedback until Dec. 21, 2018.
“Our government is committed to helping all Canadians achieve a secure and dignified retirement, so that as they retire, they can focus on the things that matter, like spending time with their loved ones, rather than worrying about making ends meet,” said Finance Minister Bill Morneau. “We want to hear from Canadians, including workers, pensioners and businesses, on this important issue. Their feedback will inform our choices on how to enhance retirement security for generations to come.”
The government will be conducting analysis and reaching out to stakeholder groups in addition to the online consultations.
“Canadians shouldn’t have to worry about their pension security after working hard all their lives,” said Navdeep Bains, minister of innovation, science and economic development. “We’re looking for a solution that will enhance Canadians’ retirement security and ensure everyone has the support needed to retire with dignity, while maintaining a competitive environment for business investment.”